Botswana Building Society (“BBS”), led by its Managing Director Mr. Pius Komane Molefe, has been consulting Members across the country on the plan to commercialise BBS.
If my house is repossessed and sold, do I get anything from the proceeds?
Yes. It should be noted however that this will only apply in instances where the sale price is more than the outstanding loan amount. Where property is repossessed, it is handed over to the executing attorneys and a legal sale process is initiated. The house will be sold at the prevailing market rate and the proceeds handed over to the Society for servicing of the outstanding loan amount. The remainder of the proceeds from the sale price is paid out to the individual under execution.